Functional Cosmetics Market worth $4.6 billion by 2028 – At a CAGR of 5.4%

The According to a market research report, the “Functional Cosmetics Market by Functionality (Conditioning Agents, UV Filters, Anti-Ageing Agents Skin-Lightening Agents), Application (Skin Care, Hair Care), and Region(Europe, Asia Pacific, North America) – Global Forecast to 2028″, size was USD 3.3 billion in 2022 and is projected to reach USD 4.6 billion by 2028, at a CAGR of 5.4%, between 2023 and 2028. The market is driven by the growing population across the world and increasing demand for cosmetics. The rising concerns over aging skin and the desire for an even skin tone are contributing to the increased use of functional cosmetics in the market. Variations in temperature and increasing heat levels are influencing the demand for skin care functional cosmetic products.

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• 161 Market data Tables
• 52 Figures
• 208 Pages and in-depth TOC on “Functional Cosmetics Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

The key players profiled in the functional cosmetics market report include BASF SE (Germany), Nouryon (Netherlands), Ashland Inc. (US), Clariant AG (Germany), Evonik Industries AG (Germany), Gattefosse (France), Stepan Company (US), Lucas Meyer Cosmetics (Canada), Croda International Plc (UK), and Air Liquide S.A. (France) are the leading providers of functional cosmetics globally. These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products and services, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, services with wider end-users, broader geographical use cases, and a larger service footprint.

Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the functional cosmetics market.

Recent Developments Functional Cosmetics Market Industry

• In April 2022, Nouryon introduced a natural polymer for sunscreen formulation. SolAmaze Natural is compatible with organic and synthetic sunscreen formulations. The product is bio-based and biodegradable.
• In October 2021, Evonik acquired Botanica to expand its active cosmetic ingredients market. It will enhance its entire product portfolio by opening new markets, accelerating growth, and creating significant value.
• In August 2021, Clariant AG acquired the remaining 70% of Brazilian personal care specialty company Beraca and took over full control. This acquisition will strengthen its functional cosmetics business, assuming full operational ownership of Beraca’s broad portfolio of natural ingredients.
• In June 2021, Evonik Industries AG boosted its nutrition & care segment’s portfolio with the acquisition of the cosmetic delivery company Infinitec Activos. It will help company to provide best customer services.
• In August 2020, BASF SE has announced the launch of a new functional cosmetic product Lamesoft. It is a naturally derived and biodegradable product. It can be used to stabilize products in skin and hair cleansing formulas. It can be used to stabilize surfactant-based and wax-based opacifiers.

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The global functional cosmetics market is segmented based on functionality into Conditioning Agents, UV Filters, Anti-Ageing Agents, Skin-Lightening Agents, and others. The conditioning agents segment accounted for the largest market share, in terms of value, of the global functional cosmetics market in 2022. This is due to the wide use in almost every end-use application in skin care and hair care ranging from shampoos to scrubs. A conditioner enhances the quality of the surface to which it is applied. The conditioning mechanism of skin or hair must be a regular process, as both are in a continuous cycle of shedding and renewal.

Based on application, the functional cosmetics market is segmented as into into skin care and hair care. The skin care application segment is divided into body care, face care, and sun care. It accounted for the larger share of the global functional cosmetics market due to the high demand for beauty products and the aging population. The functional cosmetics used in skin care cater to problems such as protection from harmful sun rays, wrinkles, blemishes, acne, aging, and frown lines, among others.

The global functional cosmetics market is dominated by Europe, with a market share of 30.3% in 2022. This is attributed to the rising income of consumers in the region, encouraging them to buy more premium beauty products. Most Western and Central European economies, such as Germany, Italy, France, and the UK, are witnessing a steady growth in the functional cosmetics market. This is mostly due to the mature market in Europe. Stringent regulations against the usage of some functional cosmetics that are not environmentally friendly are the major reason behind the slow growth of the market in Western and Central Europe.

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